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If the primary owner of a car files for bankruptcy and it is discharged and the car is back with the company will the co-signer be liable for the payment?
Wiki User
∙ 18y ago
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
Wiki User
∙ 18y ago
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If cosigner filed bankruptcy can bank force you to pay off vehicle or return it even if payment history is good?
No
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
If the mortgage was reaffirmed but on your credit report it appears as Bankruptcy is this an error?
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
If you filed for bankruptcy would the cosigner of your auto loan be forced to take over payment?
The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.
Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?
No.
Does a person paying crimina restitution criminal to a company continue to pay if the company goes bankrupt and no longer exists?
You will still owe the restitution to SOMEONE. In any bankruptcy there is a receiver who handles the apportionment of debts and assets. Your restitution payment would be considered an asset to the bankrupt company and, unless the bankruptcy court discharged your debt, you would probably have to continue to pay the full amount due.
Can a person with bad credit get unsecured loans or will he need a cosigner?
Surprisingly, even a person with a bankruptcy can often get small unsecured loans with a couple years of good payment history. Other loans will need a cosigner or may be totally unavailable, though.
The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?
The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
If you filed bankruptcy signed a reaffirmation agreement but the court discharged that agreement and you're currently up to date on the car payment will they come and take the car or can you continue?
If you signed a reaffirmation agreement in bankruptcy, but the court discharged that agreement, the lender will come to take the car. This will occur even if you're currently up to date.
I filed bankruptcy under Chapter 13. Student loans were discharged under hardship. Do I still have to pay them?
Chapter 13 is "reorganization" plan for payment. Student loans were within the plan for payment? or were they discharged within another bankruptcy? normally student loans are not dischargable, (11 U.S.C. sec. 523(a)(8) bankruptcy:) there are two exceptions: 1: loans are not from any governmental agency unit or non profit 2: paying the loan will impose an undue hardship to dependents.
